Gene Panel Market is Valued at USD 2.5 Billion in 2022, Increase in the R&D activities For Better Diagnosis

According to Precision Business Insights (PBI), the latest report, gene panel market size is expected to be valued at USD 2.5 billion in 2022 and is expected to grow at a CAGR of 19.5% in 2022-2028. The primary factors that drive the gene panel market growth are the rising prevalence of chronic diseases, increasing industry initiatives, growing adoption of gene panel as it offers a lot of benefits, and technological advancements in diagnostic methods and services.

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Hybridization-Based Approach to Dominate the Gene Panel Market:
Based on technique type, the hybridization-based approach holds the highest gene panel market share. Sequencing by hybridization method had been widely adopted in the last decades since its detection, to improve its precision. The method is pretty sensitive to the hybridization errors in the spectrum. Therefore, many methods intend to generate approaches that expand the resistance of the hybridization phase to errors. One of the improvements presented extra information to the spectrum, i.e., the projected location for each of its elements in the target sequence. Thus, a hybridization-based approach can boost the gene panel market growth.

North America Gene panel Market
North America holds the maximum global gene panel market share due to the increasing prevalence of chronic diseases such as cancer, and technological advancements in gene panel products. North America leads the global market due to entrenched research infrastructure, increasing funding from public and private sectors, and rising collaborations among global key players have contributed to increasing the sales of gene panels in this region. Apart from this, the major factor that drives the market in this region are patients' need for effective and safe treatment and the increasing demand for personalized medicines. According to NIH, 1,806,509 people were diagnosed with cancer in the United States and 606,520 cases of death were reported.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global gene panel market further reveals that the key players are implementing strategies such as the extension of product collection through research and development activities, product launches, acquisitions, mergers, and strategic alliances to improve their market position and strengthen the market revenue share. In February 2022, Invitae announced the presence of LiquidPlex Dx™ and FusionPlex Dx® in Europe which offers high-quality inventions for accurate oncology to combat cancer.

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The Gene Panel Market is segmented based on, product type, techniques, application, end users, and region.
Based on the product type, the market is segmented into the following:
• Test Kits
• Testing Services

Based on the techniques, the market is segmented into the following:
• Amplicon-based approach
• Hybridization-based approach

Based on the application, the market is segmented into the following:
• Cancer Risk Assessment
• Syndrome-Specific
• High-Penetrance Gene Panel
• High- And Moderate Penetrance Genes
• Comprehensive Cancer Panels
• Diagnosis of Congenital Diseases
• Pharmacogenomics
• Others

Based on the end users, the market is segmented into the following:
• Hospital and Diagnostic Laboratories
• Research Institutes
• Biotechnology and Pharmaceutical Companies

Based on the region, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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Key players' profiles in the gene panel market report are Illumina, Inc, Thermo Fisher Scientific, Agilent Technologies, Qiagen, BGI, Eurofins Scientific, F. Hoffmann-La Roche Ag, Integrated DNA Technologies, GATC Biotech Ag, Genewiz, Inc., Novogene Corporation, Personali, Archerdx, Genedx, Centogene Ag, Oxford Gene Technology, Primbio Research Institute, Fulgent Genetics, Gene Dx, Blueprint Genetics, Invitae Corporation.

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This release was published on openPR.